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Ford Q3 pretax profits drop to $1.18B

Following positive third quarter financial results recently from General Motors, rival Ford took a tumble in Q3. The automaker posted pre-tax profits of $1.18 billion, compared to about $2.59 billion in Q3 2013, a drop of around 54 percent. Net income also suffered with $835 million made in the quarter, versus $1.272 billion last year, a decline of about 34 percent. The Blue Oval blamed the gloomy figures on three reasons in its release: "lower volume, higher warranty costs and adverse balance sheet exchange effects."
There were problems of one kind or another in practically every region. North America experienced higher warranty costs than expected, partially due to recalls. The sales volume for the quarter was 665,000 units, versus 725,000 in Q3 2013, and pre-tax results amounted to $1.41 billion versus $2.296 billion last year.
South America and Europe both posted worse pre-tax results than last year. On the bright side, European volume was up slightly to 321,000 vehicles, from 303,000 in Q3 2013. The Middle East and Africa also lost $15 million, but that was an improvement compared to the $25 million loss previously experienced in this region.

Matthew McConaughey dusts off his Lincoln Lawyer jacket [w/videos]

Alright, alright, alright. Easygoing Texan Matthew McConaughey has enjoyed a career renaissance recently with critically acclaimed roles in Dallas Buyers Club and True Detective, and the actor has just signed a multi-year deal with Lincoln to become the luxury brand's spokesperson. The first ads starring McConaughey should hit televisions and the internet soon.
McConaughey's campaign has his pitching starting out with the company's pivotal new 2015 Lincoln MKC compact crossover. "Lincoln is an iconic, American brand and I like where they are heading with their transformation," he said in the announcement of the deal. The appears to be really throwing some money into these ads, too. Not only has it hired A-list talent in front of the camera, Nicolas Winding Refn, best known for Drive, is directing the spots.
Of course, this won't be McConaughey's first noteworthy ride in a Lincoln. Back in 2011, he starred in The Lincoln Lawyer, a legal thriller about at attorney would did business out of a 1980s Town Car. The MKC should certainly prove to be a much better driver than that.

Ford hybrids getting update to improve fuel economy

Ford has announced that it is introducing "calibration updates designed to improve on-road fuel economy for owners of the 2013 Ford C-Max Hybrid, 2013 Ford Fusion Hybrid and 2013 Lincoln MKZ Hybrid."
We can speculate that these changes are at least due in part to lawsuits over mileage claims of hybrid vehicles. The automaker is enhancing 2013 models starting in August by raising their electric cruising speed to 85 miles per hour from 62 mph, optimizing the use of active grille shutters and the climate control system, shortening the engine warm-up period by 50 percent and reducing electric fan speed to minimize the fan's energy consumption.
It bears mentioning that Ford is doing pretty well in the US electrified vehicle market this year. The company claims to have grown its share in the segment by 12 points to 16 percent while taking a high number of Toyota Prius trade-ins in the process. Conversely, Toyota has experienced a five-percent drop in new-Prius sales over the same period. Additionally, Ford states that it has increased its share of the US vehicle market by one percent this year, more than any full-line automaker.